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[BUSINESS] · EU, Germany · 10 sources

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European Central Bank to introduce digital euro with new DEAN account numbers

The European Central Bank is working to develop the digital euro as a legal digital means of payment for all citizens within the European Union. This initiative is intended to complement existing cash in the eurozone rather than replace it.

To facilitate the use of this digital currency, a new account number known as the DEAN (Digital Euro Account Number or Digital Euro Access Number) will be required. The DEAN is designed to consist of 18 characters and will always begin with the prefix ‘EU’. Unlike the IBAN system, the DEAN will not allow a user's country to be identified.

Under the proposed system, private individuals will be limited to holding a single DEAN, while companies will be permitted to hold multiple accounts. For ease of use, the DEAN can be linked to an alias, such as a mobile phone number, and managed through a digital wallet. Initial tests with banks are projected to begin in the second half of 2027.

Entities

DEAN · European Central Bank · European Union

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